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Could we see gas prices rise again in the fall? Here's what an expert said

Gas Prices
Posted at 5:41 AM, Aug 23, 2022
and last updated 2022-08-23 09:21:46-04

(WXYZ) — Labor Day travel is just around the corner, and luckily, gas prices are down from what we've seen over the last two months. However, will these prices last?

The answer is complicated. Prices usually go down this time of year, however, there are two factors that could change that.

"Where we go from here, well it is kind of a bumpy ride. We may go down a little bit, we may go up a little bit," Patrick De Haan, the head of petroleum analysis for GasBuddy, said.

He said the first factor is a hurricane hitting a refinery in the south. Hurricane season doesn't end until the end of November.

According to De Haan, a perfect storm that shuts down a lot of refineries and refining capacity could cause major issues.

The other factor is the economy. Talks of a recession could bring gas prices back up.

“Of course we are living in a world where economic data is being watched very carefully," he said. "We are in the midst of COVID still, or coming out of COVID, and a lot of that economic data is going to have significant ramifications for prices"

If those two factors don't hurt us, gas prices could continue to go down. Mid to late September is when gas stations switch back to a cheaper winter gasoline blend, and demand is down as kids go back to school.

"Honestly I think the lower prices we saw earlier this year, we will never see those again. I just really don’t," De Haan said.

He also said we may not see gas prices under $3 per gallon, and that if prices do spike, we'd likely have them in the mid $4 range.